Starting an e-commerce store might just be the perfect and most profitable business venture for entrepreneurs!
Did you know that the online retail sector for apparel and accessories is estimated to make over $153 billion in revenue by 2024? That’s a lot of money! And the best part is, you don’t need a lot of money to start your own online store.
Thanks to digital innovation and technology, online store owners now have an edge against big corporate retailers. You don’t have to worry about them swallowing up your business anymore. Plus, you already have the tools you need to start your own online store – the internet!
In this article, we’ll guide you step by step on how to start your own online store. We’ll even share insights and experiences from other online store owners. So, get ready to become an entrepreneur and start your own ecommerce store!
3 things to consider before starting an online store
Starting an online store can be tough, but with some planning and hard work, you can make it happen! Here are three things to think about before you get started:
1. Be prepared to work hard. Starting a business takes time and effort, and you might not make any sales right away. But if you stay focused and work on the right things, you can make your store a success.
2. You might face some challenges. Starting a business can be tricky, especially if you’ve never done it before. But don’t give up! Stay motivated and keep working hard, and you’ll see progress.
3. Make sure you know the legal stuff. Before you start your boutique, you need to make sure you have all the right licenses and permits. This can vary depending on where you live, so do your research and make sure you’re following the rules.
With a little planning and hard work, you can start your own online store and make it a success!
How to start an online Store
The best online stores in the industry weren’t thrown together overnight. Even with a little trial and error, these owners had a business plan and process for getting started.
1.Choose a niche you’re passionate about
Starting an online store may seem like a daunting task, but it’s actually easier than you think! The first step is to choose a niche that you’re passionate about. This could be anything from gardening to cycling to skincare. By focusing on something you love, you’ll be more motivated to make your online store a success.
Anna Ashley, the founder of Welltimates, found their passion for skincare after they were exposed to the experience of self care through skincare. They fell in love with it and decided to pursue it as a career. You can find your niche by asking yourself what you like to do in your spare time, what frustrates you about that, and if there are any products related to your hobbies that you could sell.
Once you’ve found your niche, it’s important to learn everything you can about it. Become an expert and share your knowledge with your audience. By creating content that connects with your customers, you’ll be able to grow your online store and make it a success. Remember, your business plan is important, but your passion is what will keep you going in the long run.
2. Identify market gaps
Starting an online store is more than just having a passion for something. You need to find a problem in your market that no one else is solving. For example, maybe there isn’t a natural skincare cream that helps with eczema, or there aren’t any handcrafted tableware options from local artisans in your area. You need to figure out what products should exist but aren’t being offered by big or small competitors. This is where your business plan comes in handy.
Bernard Mulu, the founder of Almondscove, started the home and furnishing supplies store because he saw a need in the market for home designs that are tailored to our goals. He couldn’t find any high-quality products to create an environment that is supportive of his goals. When she started his business, there were no great supplies anywhere in the US, online or in-store.
Bernard started creating accessories for improving our environment because they didn’t exist. He was making things he wanted to use for himself because he couldn’t find them anywhere else. He also saw a need for premium indoor tools that were practical and functional for urban dwellers. Most city dwellers don’t have the space or matching aesthetic for clunky tools. To solve this problem, he began curating premium home tools and reselling them through his online store. This has been a big hit with his target market.
Identifying market gaps isn’t a one-time thing for any entrepreneur. Bernard and his employees are always looking for new tools to sell, while he continuously tests and prototypes new products in the US based on the needs of the brand’s ideal customers.
3. Write a business plan
Creating an online store from home can be a fun and exciting journey, but it’s important to have a plan in place. A business plan is like a map that guides you on your journey. It helps you think through things efficiently and validates your idea.
Before you launch your online store, take the time to solidify your strategy. Think about what your goal is. Do you want to be a brand sold in retail outlets Or do you want to be a high-end brand sold exclusively in your ecommerce store?
Writing a business plan will also help you spot potential obstacles and understand what resources you’ll need. It’s important to clarify your business idea before you launch. This will help ensure your business finances are in order as you grow.
If you’re not sure how to write a business plan, don’t worry! We’ve got you covered. The following template will help you get started. Just remember to take your time and think through each section carefully.
Learn more:
How To Write A Great Business Plan
4. Develop your products
Starting an online store can be exciting, but it also involves making a lot of decisions. One of the biggest decisions you’ll make is what business model to follow. Your business model will determine what products you offer and your future expenses.
There are different models for developing products, such as dropshipping, manufacturing, reselling, handcrafting, and print on demand.
1.Dropshipping involves a third party making and fulfilling orders, while manufacturing involves an overseas company developing your product and shipping it to your home or warehouse.
2.Reselling involves buying other brands’ products through a wholesaler and selling them in your store.
3. Handcrafting involves creating products and fulfilling orders on your own.
4. Print on demand is similar to dropshipping, but you design the products and the third party makes and fulfills the order.
You can mix and match different models to meet your needs. For example, Almondscove resells premium goods and designs its own products. Local manufacturing was non-negotiable for Bernard, the owner of Almondscove, who didn’t want to produce products like big corporations that heavily manufacture overseas.
If your store will rely on manufacturers, here are some tips for finding the best fit:
1. Research Google, Yelp, and manufacturing directories to find local producers.
2. Reach out to a few candidates at once. Email or call directly to set up an appointment.
3. Meet potential producers with professional mock-ups and prototypes. Communicate that you have a vision for your business. Don’t show up with rough sketches and random ideas.
4. You need to show them you have a great vision and solid product ideas. Most manufacturers don’t do one-off projects, so you have to prove yourself to them.
Sourcing suppliers and manufacturers can be challenging, but it’s one of the costs of starting a business. Small business owners may feel like they are hitting a brick wall, but with patience and perseverance, they can find the perfect partners for their online store.
5. Picking a Name and Logo for Your Business
When starting a business, it’s important to have a plan. But it’s also important to have a name and logo that people will remember. This is where branding comes in. Your brand name, logo, and slogan (if you have one) should tell a story that captivates your customers.
Take Pesheni, for example. This online spiritual ecommerce brand has a story that many of us can relate to. We’ve all been in situations that didn’t quite fit, and we knew there was something more out there for us. Pesheni’s name embodies the feeling of the brand – simple and memorable. This makes it easy for potential customers to find them online and learn more about their story.
You don’t need to spend thousands of dollars on an agency to come up with a name. You can use a business name generator to find a name that’s fresh, relevant, and not already trademarked. So take some time to think about your brand and what story you want to tell. Your name and logo will be the first thing people see, so make it count!
6. Price your products
When starting your online store, one of the most important decisions you’ll make is how much to charge for your products. This decision affects everything from who your customers will be to how much money you’ll make. Here are some tips to help you choose the right price point for your products.
First, think about your target audience. Who are you trying to sell to? Are they willing to pay a higher price for quality products, or are they looking for a bargain? This will help you determine what price range to aim for.
Next, consider your production costs. How much does it cost you to make each product? You’ll want to set your prices high enough to cover these costs, but not so high that customers won’t be willing to buy.
Finally, think about your profit margins. How much money do you want to make from each sale? This will depend on your business goals and how much you need to cover your expenses.
7. Create your online store
Starting an online store may seem overwhelming, but it can be more profitable and rewarding than simply listing your products on online marketplaces. When you have your own store, you don’t have to pay high fees for making a sale or follow anyone else’s rules but your own.
You need a platform to sell your products. Shopify is a popular choice, with over one million businesses using it to build and launch their online stores. Of course, there are other options out there, but Shopify is an all-in-one shop that can make things easier for you.
Patience, the founder of AfroEssencialBeauty, recommends building your online store first and then listing on online marketplaces like Etsy. She also suggests using social media to build awareness for your brand. In fact, AfroEssencialBeauty started on Instagram, and Shopify’s social media integrations helped it sell more online.
Now they don’t rely solely on Instagram. Patience advises new store owners to “not put all your eggs in one basket.” It’s important to have a presence on multiple social media platforms, such as Pinterest, Facebook, and TikTok. Patience has also found success in writing blog articles and sharing tutorial videos on her e-commerce website.
8. Figure out shipping
Shipping is a really important part of running an online store. You’ve worked hard to create a great shopping experience for your customers, but if shipping goes wrong, it can ruin everything. That’s why it’s important to think about shipping before you start selling.
Shipping can be expensive, so it’s important to factor it into your costs. Some people want free shipping, but that can be hard to offer without losing money. One way to save money on shipping is to use Shopify Shipping. This service can help you get discounted rates on shipping with different carriers like USPS, UPS, and DHL. You can also buy and print shipping labels right from Shopify, which can save you time and help you avoid long lines at the post office.
Using Shopify Shipping can also help you manage your orders, products, inventory, and customers all in one place. This can be really helpful because using lots of different tools and software can get expensive quickly.
9. Market your online store
So, you’ve created an online store and now you want people to know about it. The goal of marketing is to make your brand known and to become the go-to seller for a particular product or niche. Your reputation is what sets you apart from others, and it’s what makes people want to buy from you.
Here are some ways to market your online store:
1. Instagram Marketing: Instagram is a visual platform that’s perfect for showing off your products and finding new customers. You can also partner with Instagram influencers who will promote your brand in exchange for products.
2. Search Engine Marketing: SEO helps people find your store when they’re looking for specific products. This means you’ll get relevant traffic to your website that could lead to sales. You can achieve this organically or by paying for Google Ads.
3. Facebook Ads: If you want to find a specific target audience for your products, Facebook ads can help you market to people who fit your profile. If you don’t have the budget to run ads consistently, you can boost your ad budget and create buzz on Facebook through Shopify Capital Marketing Funding.
4. Influencer Marketing: Partner up with YouTubers, Instagrammers, bloggers, TikTokers, and other celebrities to get your products in front of the right audience.
5. PR: Investing in public relations helps get conversations about your brand started with media outlets, customers, and retailers. This can help expand your brand quickly.
6. Email Marketing: Email is one of the best “owned” marketing channels, where you control the content and distribution. You can build an email list and send messages to new and existing customers to sell, educate, or build loyalty.
All of these channels may seem overwhelming at first, but if you build your online store on Shopify, you can access over 4,000 marketing and sales apps on the Shopify App Store. Most apps are plug and play, which means you just add them to your store and they start working right away. These apps are easy to use and help extend your store’s functionality to sell more online.
5 online stores examples
Now that you know how to start an online store, let’s look at a few best-in-class examples of online stores for inspiration for your own online business.
1. Almondscove
Almondscove is an exciting new online home store that offers a wide selection of furniture, decor, outdoors products and more. With their vast collection of items from the world’s leading brands, they provide you with the best quality products at competitive prices. Their easy-to-navigate website allows you to quickly find what you are looking for so that your shopping experience is enjoyable and efficient.
2. Pesheni
Pesheni, is on a conscious mission to serve you with meaningful Products, transformational Services, Courses, Events/Activities and a Community designed to deeply nurture your body, mind, heart and Spirit, so that you can KNOW who you really are, uncover your life’s PURPOSE, make your IMPACT on the world and LIVE the LIFE of YOUR DREAMS, every day.
3. Welltimates
Welltimates is a brand that offers a comprehensive selection of beauty and skincare products, ranging from makeup to body care. Their high-quality products are made with natural ingredients, making them gentle and effective on all skin types. With their wide variety of options, Welltimates provides customers with the perfect product for any need or occasion. Whether you’re looking for something special to enhance your look or just want to keep your skin healthy and glowing, Welltimates has everything you need!
AfroEssentialBeauty is a braiding shop with many years of experience and expertise on afro hair, care and maintenance. We are equally providing you with a wide range of products for all African and mixed hair types. Our focus is on Natural Beauty. Come to us and let your natural beauty shine through you.
5. GoBliss
GoBliss is a brand that strives to make your fitness journey as easy and enjoyable as possible. With the best equipment, accessories, and clothing for your fitness needs, GoBliss will help you reach your goals no matter how big or small they are.
Are you interested in starting your own online store?
Don’t worry if you think there’s too much competition or if you’re concerned about the costs. Just like any other business, you need to find the right niche and target the right audience. You can even start your online store as a side hustle without spending any money and grow it into a full-time business from home.
As you go along, you’ll learn more about what products sell well, how to improve your operations, and who your best customers are. The most important thing is to start your business today and make your dream of having your own online store a reality.
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